While revenues were up discounting appears to have taken its toll at LG Electronics, with profits in the last quarter falling 91 per cent compared to the same period a year earlier. This was attributed to weaker global demand for televisions and home appliances.
The US $51.6 million, was delivered on revenues that increased 5.2 per cent to $21.85 trillion won.
In Australia, LG slashed the price of their OLED TV by up to 40 per cent weeks after launching new models. This followed a similar move by arch rival Samsung.
The operating profit was 79.5 per cent lower than the average estimate, according to a survey by Yonhap Infomax, the financial data firm of Yonhap News Agency.
For 2022, LG delivered an operating profit that was down 12.6 per cent from a year earlier, while sales rose 12.9 per cent year-on-year to a record $83.46 trillion won.
It’s the first time the company delivered more than $80 trillion won in annual sales. There was no mention of price increases or the impact of inflation on their revenues.
Shares in LG Electronics closed up 0.89 per cent to $90,700 won on the Seoul bourse Friday, underperforming the broader KOSPI’s 1.12 per cent gain.
The earnings guidance was released after the market closed.
